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Innovative Tyres & Tubes Ltd.

BSE: 535015 Sector: Auto
NSE: INNOVATIVE ISIN Code: INE070Y01015
BSE 05:30 | 01 Jan Innovative Tyres & Tubes Ltd
NSE 00:00 | 21 Feb 21.65 -0.35
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Innovative Tyres & Tubes Ltd. (INNOVATIVE) - Auditors Report

Company auditors report

TO THE MEMBERS

To the Members of

Innovative Tyres & Tubes Limited

Report on the Financial Statement

We have audited the accompanying financial statements of Innovative Tyres &Tubes Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 and the Statement of Profit and Loss and the Cash flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements:

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 (the Act) with respect to the preparation of these financialstatements that give a true and fair view of the financial position and financialperformance of the Company in accordance with the accounting principles generally acceptedin India including the Accounting Standards specified under section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules2014.This responsibility includes themaintenance of adequate accounting records in accordance with the provision of the Act forsafeguarding of the assets of the company and for preventing and detecting the frauds andother irregularities selection and application of appropriate accounting policies making judgments and estimates that are reasonable and prudent and design implementationand maintenance of internal finance control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility:

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the financial statements that give true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2018 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure I a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit;

b. In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c. The Balance Sheet and Statement of Profit and Loss and Cash flow Statement dealtwith by this Report are in agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with relevant rules issuedthereunder;

e. On the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of section 164(2) of theAct.

f. The Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial control over financialreporting were operating effectively as at 31st March 2018 based on the internal controlover financial reporting criteria established by the company

g. With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit & Auditors) Rules 2014 (as amended) in ouropinion and to the best of our information and according to the explanations given to us

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts required to be transferred to the Investor education andprotection fund.

For Maloo Bhatt & Co.
Chartered Accountants
FRN No.129572W
CA. Yash Bhatt
Place : Halol (Partner)
Date : May 05 2018 M.No.117745

ANNEXURE I TO THE AUDITORS' REPORT (Referred to in paragraph 1 under "Report onOther Legal and Regulatory Requirements" of our report of even date on Accounts ofInnovative Tyres & Tubes Limited for the year ended March 312018)

1. In respect of its fixed assets:

a. The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b. During the year part of fixed assets has been physically verified by the managementin accordance with a phased programme of verification which in our opinion is reasonableand to cover all the items of fixed assets over a period of three years having regards tothe size of the Company and the nature of its assets. According to information andexplanation given to us there was no material discrepancies noticed on such physicalverification.

c. The title deeds of immovable properties are held in the name of the company.

2. As explained to us inventories have been physically verified by the management atreasonable intervals during the year. In our opinion the frequency of such verificationis reasonable. According to information and explanation given to us there was no materialdiscrepancies noticed on physical verification of inventory as compared to the bookrecords.

3. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013.

4. According to information and explanations given to us and to the best of ourknowledge the company has complied with provisions of section 185 and 186 in respect ofthe loans investments guarantees and security.

5. According to the information and explanations give to us the Company has notaccepted any deposits from the public during the year. Therefore the provisions of Para(v) of paragraph 3 of the CARO 2016 are not applicable to the Company.

6. To the best of our knowledge and explanations provided by the management themaintenance of cost records has been prescribed by the Central Government under section148 (1) (d) of the Companies Act 2013 and are maintained accordingly.

7. According to information and explanations given to us and the records of the Companyexamined by us in our opinion: a. The company has been regular in depositing theundisputed statutory dues including provident fund employees' state insurance IncomeTax Sales Tax Duty of Custom Duty of Excise Service tax GST Professional Tax Cessand other material statutory dues as applicable with the appropriate authorities duringthe year. No undisputed amounts payable in respect of such statutory dues are in arrearsas on March 31 2018 for a period of more than six months from the date they becamepayable.

b. There is no disputed amount due of income tax sales tax service tax duty ofcustom duty of excise or GST.

8. Based on our audit procedures and on the information and explanations given bymanagement we are of the opinion that the Company has not defaulted in repayments ofloans or borrowings to a financial institutions or banks and Government. The Company hasnot raised money via debentures.

9. The company has raised money by way of initial public offer. The company has alsoavailed term loans during the year. In our opinion and according to the information andexplanations given to us the money raised has been applied for the purpose for which theywere raised. (Refer Point no 11 of Note no. Y of Financial Statements).

10. According to the information and explanations given to us we have not noticed orreported any fraud by the company or any fraud on the Company by its officers or employeesduring the year.

11. The Company has paid/provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

12. According to information and explanations given to us the Company is not a NidhiCompany and hence provisions of para 3(xii) of the Order are not applicable to theCompany.

13. According to the information and explanations given to us all transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

14. According to information and explanations given to us and to the best of ourknowledge and belief the Company has not made preferential allotment or private placementof shares or fully or partly convertible debentures during the year under review and hencepara 3(xiv) of the Order is not applicable to the Company.

15. According to information and explanations given to us and to the best of ourknowledge and belief the Company has not entered into any non-cash transactions (exceptconversion of preference shares into equity) with its directors or persons connected tothem. Accordingly the provisions of para 3(xv) of the Order are not applicable to theCompany.

16. According to information and explanations given to us the Company is not requiredto be registered under Section 45- IA of the Reserve Bank of India Act 1934.

For Maloo Bhatt & Co.
Chartered Accountants
FRN No.129572W
CA. Yash Bhatt
Place : Halol (Partner)
Date : May 05 2018 M.No.117745